This paper examines the value of analysts as industry specialists. We show analysts create
value in their recommendations mainly through their ability to rank stocks within industries. …

Background Not only has the financial press written scathing attacks, but professional
investment managers also have expressed increasing doubts over research they receive from …

Sellers of US equities who have not provided shares by the third day after the transaction are
said to have “failed-to-deliver” shares. Using a unique data set of the entire cross-section of …

1 On May 10, 2002, the SEC approved new National Association of Securities Dealers (NASD)
Rule 2711 and amendments to New York Stock Exchange (NYSE) Rule 472 to “address …

… Leslie Boni is an assistant professor at the University of New Mexico, Albuquerque. Kent
L. Womack is an associate professor at the Tuck School of Business at Dartmouth College …

Recent dark pool proliferation has magnified regulatory and academic concerns about equal
access and market quality implications. Some dark pools, hoping to create an environment …

In expandable limit order markets, quotes represent a firm-price commitment to trade but also
serve as an invitation for one-on-one quantity negotiation. Analyzing interdealer Treasury …

… Leslie Boni … Boni is a finance professor at the University of New Mexico and a senior
quantitative … See Boni and Womack (2002b) for additional background on the development of …

We investigate liquidity and trader behavior in the US Treasury market during recent supply
contractions. As in the precontraction period, dealers employ expandable order strategies to …

This paper aims to examine the association between earning manipulation using the Beneish
M-Score Model and share price with market capitalisation as the control variable among …